You are here: Home » Companies » Results
Business Standard

Firstsource Q3 net up 17% to Rs 67 cr

Revenues grew 8.9% to Rs 818 crore in the reported quarter from Rs 751 crore in the corresponding period last year

Press Trust of India  |  New Delhi 

Firstsource Q3 net up 17% to Rs 67 cr

BPO firm Firstsource Solutions today posted 16.6% rise in consolidated net profit at Rs 67.04 crore for the quarter ended December 2015.

The company's net profit stood at Rs 57.51 crore in the same period last year.

Revenues grew 8.9% to Rs 817.8 crore in the reported quarter from Rs 751 crore in the corresponding period last year.

"Our third quarter are consistent with expectations. We have been able to effectively meet operational as well as financial targets. Building on our growth momentum, we expect to see more demand across our key verticals," Firstsource Chairman Sanjiv Goenka said.

"We will continue to invest to expand our solutions portfolio and provide long-term value to our clients and stakeholders," he added.

The company has entered into a definitive agreement with ISGN, a leading full service provider of mortgage technology and services, to acquire its BPO division.

Over 700 employees from ISGN's BPO division in the US and India will become a part of Firstsource through this acquisition. No financial details were disclosed.

The acquisition will help Firstsource penetrate into the growing US mortgage BPO market, access marquee customers and strengthen its Banking, Financial Services and Insurance (BFSI) portfolio.

"The acquisition marks Firstsource's penetration into the growing US mortgage BPO market. ISGN's deep knowledge in the mortgage outsourcing space coupled with a set of marquee customers provides us with significant opportunities to cross-sell capabilities and leverage our global relationships," Goenka said.

About 52.6% of the revenues were from the US, while the UK accounted for 39.6% and 7.8% was derived from Rest of World, including India.

In terms of verticals, 38.6% of the company's revenues came from Telecom and Media, while 37.8% was from Healthcare, 23.2% from BFSI and 0.4% from others.

During the reported quarter, Firstosurce saw headcount increase by 260, taking the total strength to 23,918.

The annualised attrition (post 180 days) stood at 44.7% for offshore (India and Philippines) operations (from 44.9% in second quarter), while that of onshore (US and Europe) was 43.2% (against 48.9%).

At the end of December 2013, it had cash of Rs 154 crore on its books.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 28 2016. 17:14 IST
RECOMMENDED FOR YOU
.